China just fixed the yuan to its weakest level since 2011 — here's what's happening in FX

The big news of the day is that the People's Bank of China fixed
the Chinese yuan to its
lowest level since March 2011.

The PBoC set the midpoint of its yuan fix at 6.5468
per dollar, down 0.34% from Tuesday.

This decision comes as the central bank looks to
soften the blow of a potential Fed interest-rate hike. Members of
the FOMC
have hinted that the hike could come as early as June
15.

As for the rest of the world, here's the scoreboard as of
12:14 p.m. ET:

The euro is little changed at 1.1154
against the dollar after Greece and its creditors
reached a deal. The deal opens the door for Greece to
receive €10.3 billion from its creditors along with
debt relief once the current deal ends in 2018. Separately,
Germany's Ifo Business Climate rose to 107.7 in May, up from
106.7 in April — the highest reading since December.

The Russian ruble is stronger by 0.4% to
65.9475 per dollar as oil surges to a seven-month high. Brent
crude oil is up 1.0% at $49.12 per barrel.

The Canadian dollar is stronger by 0.3% at
1.3091 per dollar after the Bank of Canada held its key
interest rate at 0.50%. Notably, the Bank
also warned that second quarter growth is likely to be
weaker in light of the Alberta wildfires, which have
slashed oil production.